We describe the detailed synthesis and characterization of an electron-rich building block, dithienopyran (DTP), and its application as a donor unit in low-bandgap conjugated polymers. The electron-donating property of the DTP unit was found to be the strongest among the most frequently used donor units such as benzodithiophene (BDT) or cyclopentadithiophene (CPDT) units. When the DTP unit was polymerized with the strongly electron-deficient difluorobenzothiadiazole (DFBT) unit, a regiorandom polymer (PDTP–DFBT, bandgap = 1.38 eV) was obtained. For comparison with the DTP unit, polymers containing alternating benzodithiophene (BDT) or cyclopentadithiophene (CPDT) units and the DFBT unit were synthesized (PBDT–DFBT and PCPDT–DFBT). We found that the DTP based polymer PDTP–DFBT shows significantly improved solubility and processability compared to the BDT or CPDT based polymers. Consequently, very high molecular weight and soluble PDTP–DFBT can be obtained with less bulky side chains. Interestingly, PDTP–DFBT shows excellent performance in bulk-heterojunction solar cells with power conversion efficiencies reaching 8.0%, which is significantly higher than PBDT–DFBT and PCPDT–DFBT based devices. This study demonstrates that DTP is a promising building block for high-performance solar cell materials.